Harbor Capital Advisors Inc. Raises Holdings in Avnet, Inc. (NASDAQ:AVT)

Harbor Capital Advisors Inc. increased its position in shares of Avnet, Inc. (NASDAQ:AVT) by 43.4% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 65,419 shares of the company’s stock after purchasing an additional 19,789 shares during the period. Harbor Capital Advisors Inc.’s holdings in Avnet were worth $3,553,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Lind Value II ApS bought a new stake in shares of Avnet in the 2nd quarter valued at about $62,394,000. William Blair Investment Management LLC purchased a new stake in Avnet during the first quarter worth $36,601,000. Vanguard Group Inc. boosted its position in Avnet by 5.0% during the 1st quarter. Vanguard Group Inc. now owns 10,950,336 shares of the company’s stock valued at $542,918,000 after acquiring an additional 519,478 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Avnet by 34.7% in the 2nd quarter. AQR Capital Management LLC now owns 1,844,452 shares of the company’s stock valued at $94,713,000 after acquiring an additional 475,165 shares during the period. Finally, Raymond James & Associates raised its position in shares of Avnet by 39.5% in the 2nd quarter. Raymond James & Associates now owns 563,127 shares of the company’s stock worth $28,995,000 after acquiring an additional 159,565 shares in the last quarter. 95.78% of the stock is currently owned by institutional investors.

Avnet Trading Up 0.6 %

Avnet stock opened at $54.54 on Monday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.10 and a current ratio of 2.25. The stock has a market cap of $4.77 billion, a PE ratio of 14.28 and a beta of 1.15. The stock has a 50-day moving average of $53.50 and a two-hundred day moving average of $52.70. Avnet, Inc. has a one year low of $42.67 and a one year high of $59.24.

Avnet (NASDAQ:AVT) last released its earnings results on Wednesday, October 30th. The company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.06. Avnet had a net margin of 1.51% and a return on equity of 8.46%. The company had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $5.43 billion. During the same period last year, the business earned $1.61 EPS. Avnet’s revenue for the quarter was down 11.5% on a year-over-year basis. On average, research analysts anticipate that Avnet, Inc. will post 4.53 EPS for the current fiscal year.

Avnet Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Wednesday, September 11th were given a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.42%. This is an increase from Avnet’s previous quarterly dividend of $0.31. The ex-dividend date was Wednesday, September 11th. Avnet’s dividend payout ratio is presently 34.56%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on AVT. Wells Fargo & Company raised their price objective on Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a research report on Friday, August 9th. Stifel Nicolaus lifted their price objective on shares of Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Finally, Truist Financial increased their target price on shares of Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a research report on Friday, August 9th.

Avnet Profile

Avnet, Inc, distributes electronic component technology. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical components; and other integrated components from electronic component manufacturers.